Consumer stocks top losers on Bursa

The FBM KLCI fell for the second day in three days, dragged down by banks.

KUALA LUMPUR: Consumer stocks were among the top losers on Bursa Malaysia on Wednesday as investors locked in recent gains on uncertainties in the market and political concerns.

The FBM KLCI fell for the second day in three days, dragged down by banks.

At 5pm, the KLCI was down 16.38 points or 1.02% to 1,591.97. Turnover was 7.73 billion shares valued at RM4.40bil.

The broader market was weak as decliners beat advancers by more than three to one or 965 losers to 287 gainers and 386 counters unchanged.

The Star Online reported Datuk Seri Hishammuddin Hussein as saying Umno must decide its political cooperation and direction carefully if the party decides to sever ties with Parti Bersatu Pribumi Malaysia (Bersatu).

The Umno supreme council is set to meet tonight at Putra World Trade Center (PWTC) in a highly-anticipated meeting to discuss, among others, the cooperation with Bersatu.

On the external front, among the key Asian markets, Japan’s Nikkei 225 fell 0.38%, South Korea’s Kospi lost 0.75% but the Shanghai Composite rose 0.63% and the Hang Seng Index 0.15% higher.

The ringgit was quoted at 4.0101 against the US dollar.

Carlsberg fell RM1.24 to RM21.22 on rising volume of 1.70 million shares, Nestle lost RM1 to RM138 and Heineken 98 sen to RM22.20, Ajinomoto 36 sen to RM25.46 and BAT 34 sen to RM13.84.

Cymao, which replied to Bursa Securities it was unaware of the reasons for the recent surge in its share price and volume, fell 32 sen to RM1.47. Earlier in the day, it hit a multi-year high of RM1.93.

US light crude oil fell five cents to US$49.88 but Brent gained 20 cents to US$53.80.

Petronas Dagangan fell the most among the oil and gas stocks, down 72 sen to RM20.68, Petronas Chemicals was flat at RM7.10 and Petronas Gas rose 12 sen to RM17.02. Dialog shed three sen to RM3.32.

Among the banks, Public Bank lost 28 sen to RM20.34, Maybank fell seven sen to RM8.24, CIMB 14 sen to RM4.16 after it was reported Fitch Ratings had raised concerns about the outlook for the sector.

Among the chip makers and tech related counters, MPI fell 80 sen to RM24.20.

Awantec skidded 19.5 sen to 78 sen with 102.7 million shares done. The company had earlier signed a memorandum of understanding with Huawei Technologies Sdn Bhd to promote the adoption of cloud and artificial intelligence products and services in the public sector.

Toyo Ventures was the top gainer, up 37 sen to RM2.56, GETS 35 sen to RM2.36 and Kobay 32 sen to RM3.41.

Pharma stocks rebounded as Pharmaniaga rose 27 sen to RM5.19 and Duopharma 24 sen to RM3.30. The two companies will repack the Covid-19 vaccines when they are available in Malaysia.

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